{"id":177629,"date":"2023-10-20T06:36:07","date_gmt":"2023-10-20T01:06:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177629"},"modified":"2023-10-20T06:36:07","modified_gmt":"2023-10-20T01:06:07","slug":"advocacy-groups-push-back-against-sen-warren-linking-crypto-with-terrorism-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/advocacy-groups-push-back-against-sen-warren-linking-crypto-with-terrorism-crypto-news\/","title":{"rendered":"Advocacy groups push back against Sen. Warren linking crypto with terrorism – Crypto News"},"content":{"rendered":"
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United States-based crypto advocacy organizations are calling out Senator Elizabeth Warren and other lawmakers for some of the claims made regarding connections between Hamas and financing through cryptocurrency.<\/p>\n

On Oct. 17, Senator Warren and more than 100 lawmakers signed a letter<\/a> calling for action to \u201cmeaningfully curtail illicit crypto activity\u201d used for funding the militant groups Hamas and the Palestinian Islamic Jihad in the wake of the former\u2019s attack on Israel. The Massachusetts senator, a prominent crypto opponent in the U.S. Congress, also penned<\/a> a Wall Street Journal op-ed with Senator Roger Marshall on Oct. 18, claiming \u201ccrypto-financed terrorism\u201d endangered U.S. citizens by funding such groups as well as the production of illicit drugs. <\/p>\n

Yaya Fanusie, director of Anti-Money Laundering at the Crypto Council for Innovation, said Warren\u2019s proposed solution to some of these issues would not address the problem occurring outside U.S. jurisdictions. Senator Warren said her bill, the Digital Asset Anti-Money Laundering Act, was aimed at ensuring \u201cthat the same rules to protect traditional payment systems from abuse are extended to crypto.\u201d<\/p>\n

\u201cThey are proposing KYC [Know Your Customer] rules akin to suggesting that copy machine manufacturers would need to KYC anyone using their copiers,\u201d said Fanusie. \u201c[Warren and Marshall] unfortunately fail to understand that the underlying blockchain technology actually makes transactions public, providing investigators a digital paper trail to identify terrorist operatives and their financial contributors.\u201d<\/p>\n

The Blockchain Association (BA) responded with similar claims in an Oct. 18 X (formerly Twitter) thread, pointing<\/a> to reports from April that groups within Hamas stopped using Bitcoin (BTC<\/a>) for supporting its activities, as authorities could more easily track the funds. According to the advocacy group, \u201conly a small fraction of Hamas\u2019s funding has come from crypto,\u201d and it was unclear how the group benefitted from those funds in the recent attacks on Israel. <\/p>\n

\u201cThese proposals [Crypto-Asset National Security Enhancement and Enforcement and Digital Asset Anti-Money Laundering Act] will only punish law-abiding U.S.-based users and push all industry actors to other jurisdictions outside the reach of U.S. law enforcement,\u201d said the BA.<\/p>\n

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1\/ Any amount of funding that goes to support terrorist activity \u2013 in any form \u2013 is too much.<\/p>\n

We share many of Sen. Warren\u2019s questions \u2013 and we think further examination will reveal the limited and dwindling role that crypto played.https:\/\/t.co\/jWwHNBe9oH<\/a><\/p>\n

\u2014 Blockchain Association (@BlockchainAssn) October 18, 2023<\/a><\/p><\/blockquote>\n

Sen. Warren\u2019s op-ed,\u00a0as well as sanctions imposed<\/a> by the U.S. Treasury\u2019s Office of Foreign Assets Control, followed an Oct. 7 attack by Hamas that resulted in the deaths of many Israelis, resulting in Israel declaring war on the group.<\/p>\n

Related: <\/em><\/strong>Binance freezes Hamas-linked accounts after Israeli request<\/em><\/strong><\/a><\/p>\n

Some U.S. lawmakers, including Senataor Warren, have pointed fingers at crypto amid previous international crises as well, such as digital assets being used to evade sanctions on Russia<\/a> in the wake of the country\u2019s attack on Ukraine. Prior to Hamas\u2019 attack on Israel, Warren was particularly outspoken in cracking down on crypto\u2019s alleged role<\/a> in the production of the drug fentanyl and other illicit purposes. <\/p>\n

\u201cRather than politicizing this issue, [Sens. Warren and Marshall] should look to better support the talented and deeply knowledgeable people across multiple agencies who could use extra resources to help track down bad actors,\u201d said Fanusie. \u201cThe U.S. should take proactive steps to make sure that law enforcement and national security officials have the best access to tools, training and expertise, and information that can be used to combat illicit activity, including around crypto.\u201d<\/p>\n

At the time of publication, it was unclear if any of Warren\u2019s suggested bills would be able to move through Congress, as there is currently no speaker in the House of Representatives. Since Speaker Kevin McCarthy\u2019s position was declared vacant on Oct. 4, pro-crypto lawmaker and House Financial Services Committee Chair Patrick McHenry has been acting<\/a> as interim Speaker. <\/p>\n

Magazine: <\/em><\/strong>US enforcement agencies are turning up the heat on crypto-related crime<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

United States-based crypto advocacy organizations are calling out Senator Elizabeth Warren and other lawmakers for some of the claims made regarding connections between Hamas and financing through cryptocurrency. On Oct. 17, Senator Warren and more than 100 lawmakers signed a letter calling for action to \u201cmeaningfully curtail illicit crypto activity\u201d used for funding the militant […]<\/p>\n","protected":false},"author":2,"featured_media":177630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-177629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177629"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177629\/revisions"}],"predecessor-version":[{"id":177632,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177629\/revisions\/177632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177630"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}